Notable Analyst Rating Changes 05/07: (JCP) (ABBY) (FE) Upgraded; (WFM) (GNC) (GRPN) Downgraded

May 7, 2014 11:07 AM EDT

UPGRADES
UBS moves J. C. Penney (NYSE: JCP) from Sell to Neutral.

Morgan Stanley upgrades Abbvie (NYSE: ABBV) from Equalweight to Overweight.

Jefferies raises FirstEnergy Corp. (NYSE: FE) from Hold to Buy while moving its price target from $31 up to $37. Click Here for more color.

Credit Suisse raises Office Depot (NYSE: ODP) from Neutral to Outperform.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES
Whole Foods Market (Nasdaq: WFM) lowered by several firms Wednesday:

  • Jefferies from Buy to Hold while moving its price target from $61 down to $46;

  • BMO Capital from Outperform to Market Perform, cutting its price target from $65 down to $40. Click Here for more color;

  • Cantor Fitzgerald from Hold to Sell and easing its price target from $48 to $38. Click Here for more color;

  • Deutsche Bank from Buy to Hold and cutting its price target from $60 to $40. Click Here for more color;

  • Sterne Agee from Buy to Neutral while slashing its price target from $60 to $40; and

  • Piper Jaffray from Overweight to Neutral while dicing its price target from $60 to $44. Click Here for more color.
GNC Corp. (NYSE: GNC) downgraded by three today:
  • Longbow Research from Buy to Neutral and removed its $52 price target;

  • Deutsche Bank from Buy to Hold and moved its price target from $55 to $40. Click Here for more color; and

  • Wedbush from Outperform to Neutral while moving its price target from $62 down to $44. Click Here for more color.
Morgan Stanley drops Merck (NYSE: MRK) from Overweight to Equalweight.

Northland Capital Markets cuts Groupon, Inc. (Nasdaq: GRPN) from Outperform to Market Perform and lowered its price target from $12 to $7. Click Here for more color.

For daily real-time Downgrades go to http://www.streetinsider.com/downgrades

NEW COVERAGE
CBS Outdoor Americas Inc. (NYSE: CBSO) started by a slew of firms:

  • Goldman Sachs with a Buy rating and a price target of $34. Click Here for more color;

  • Barrington Research with an Outperform rating and price target of $34. Click Here for more color;

  • Evercore Partners with an Equal Weight rating and a price target of $33;

  • BofA/Merrill Lynch with a Neutral rating and price target of $35;

  • Citi with a Buy rating and price target of $34;

  • Morgan Stanley with an Overweight rating and price target of $35;

  • JPMorgan with an Overweight rating and price target of $35; and

  • Wells Fargo at Outperform and price target of $36 - $38. Click Here for more color.
Cowen starts ULTA Salon (Nasdaq: ULTA) at Market Perform with a price target of $98.

Stifel Nicolaus initiates Inovio Pharmaceuticals (NYSE: INO) with a Buy rating and price target of $4. Click Here for more color.

Wells Fargo resumes Essex Property Trust (NYSE: ESS) at Market Perform rating and price target of $180 - $188. Click Here for more color.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage

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Credit Suisse, Piper Jaffray, Stifel, Deutsche Bank, UBS, Cantor Fitzgerald, JPMorgan, Citi, Morgan Stanley, Jefferies & Co, BMO Capital, Sterne Agee, Longbow Research, Notable Analyst Rating Changes, Cowen & Co, Wells Fargo